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I'm not a lawyer, but... (and recognize that a lawyer isn't even necessary, though would be highly advisable.)

An offer letter should clearly present the elements of your offer: It should specify the property address (both the common address and the legal--such as lot and square--address). It should specify the amount you're offering. It should specify any conditions you're attaching to the offer--for instance, subject to a home inspection, and/or subject to your finding acceptable (to you) financing. Beyond the issue of a home inspection, it should specify whether you are buying the house in "as is" condition, or whether you require any repairs to be made. It should specify a time frame by which the transaction must be completed. It should specify who the purchaser is/purchasers are, and should identify all sellers. There's more to it than that, ideally, but all you need for a legal contract (again, I'm not a lawyer) is a written agreement identifying what is to be sold and for how much. There should also be "consideration"--which in your case would be termed "valuable consideration"--which can be as little as $1. Also, either have a lawyer review what you send before you send it, or include a contingency: "This agreement is subject to the approval of buyer's legal counsel."

Feel free to contact me; I've got some 1-page and 2-page offer letters that investors use when dealing directly with sellers.

You may be opening a can of worms by going into this alone.....find someone to sit down with you and give you solid counsel....what it will cost you for an attorney 's advice could be worth it many times over if things turn out nasty.

I don't have the answer, but am asking the same question! I am looking put in an offer in Chicago. If anyone has any sample offer letters, will you please send them to maimas726@yahoo.com?
Thanks!
Robin

Hi thanks for your reply. Could you send me a copy of the offer letter to murli_31@yahoo.com? i would really appreciate your help. i am definitely consulting a lawyer just to ensure the papers are ok.
regards,
murli